What is the difference between a business plan and a marketing plan?
There is a substantial difference. A business plan cover all aspects of a business. It provides information relating to the type of business, market assessments, area demographics, management team, resumes on yourself and key employees, projected operations performance, financial projections, and exit strategies. Whereas a marketing plan, an expounded version of the marketing section contained in the business plan, covers only marketing strategies and execution plans. Basically, your marketing plan should be a guide for bringing in revenue – i.e., go to market strategy, identifying target markets and customers, detailed analyses of the market, competitive information, the local economy, your products & services, strengths and weaknesses, affiliations, marketing budget, research studies, customer service plans, advertising materials, public relations and so on.
